This morning, I was talking to one of my Investors and he told me something that I was kind of expecting but was truly hoping wouldn’t happen. “Broker Bryant, I spoke with my bank this week about placing an equity line on one of my Poinciana properties and they said they couldn’t do it. They aren’t lending money in Poinciana right now.”
Let me repeat that, “They aren’t lending money in Poinciana right now.” There it is, in plain English. I knew it was coming….but damn….I was really hoping it wouldn’t be so soon.
Sub-prime is almost impossible to get. FHA is clamping down on down payment assistance programs and now some banks have decided not to write loans in Poinciana!
If you read my post earlier this week, “Poinciana is numero uno baby!” you know that Poinciana has the highest mortgage default rate in Central Florida. Now, to add insult to injury, we can’t get mortgage money!
Folks, I’m a very optimistic person and I always move forward but….I must say, it’s starting to feel like I’m pulling a train through the mud with my teeth! What are my poor Sellers going to do? What little equity they have left is disappearing and now it’s only going to get worse.
Qualified Buyers are going to be holding all the cards. For a Seller’s Broker, like me, that sucks! My Sellers, that really need to sell, are going to be forced to consider any crappy offer they get. If we turn them down we may not see another one for a long while.
Oh well, what you goin’ to do? I guess I need to brush up on my USDA Rural Housing loans. There was a time, about 8 years or so ago, when “Farmer’s Home Loans” ruled in Poinciana. It’s a pretty good loan. You can do 100% financing and you can put the closing costs in the loan. I don’t think it’s credit score driven either. The only quirk, that sometimes poses a problem in Poinciana, is that the property can’t be in a flood zone. Also, no pools and no jalousie windows are allowed.
Now folks, I don’t do loans but I do need to know if my listings qualify for certain programs or not. Just because I rarely work with Buyers doesn’t mean I don’t need to know this stuff. So, I’m off to the USDA website to do some studying.
Times are difficult. That means, it’s time for me to get better at what I do. It’s really the only option I have. Real Estate is what I do and my Sellers need me to “up my game“.
So, for all you Buyers out there. If you are looking to live in Central Florida, values are down and you don’t need any money to buy a home in Poinciana Fl. All you have to do is contact Broker Bryant. I’ll take it from there. Are you dialing yet?
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